In this blog I want to explore what triggers a business owner, manager or executive to consider hiring a business coach, and what benefits can they expect?
It wouldn't be an understatement to say that we live with unprecedented levels of change and uncertainty across all spheres of our lives and our businesses. Concerns about competition, meeting our customers' increasing levels of expectation, supply chain pressures, the next deal, profitability and cashflow, and keeping a good and motivated team around us (to name but a few) are all part of the daily pressures and stresses that we all must deal with.
For any business owner or management team, where do you go with this? Who do you speak to? Where do you get your support, inspiration and motivation?
For many, the antidote to this kind of situation is to engage a business coach to help 'steady the ship' and work out new solutions.
In their article on business coaching, Forbes listed reasons why a business owner might need a coach:
1 - you are overwhelmed by your business
2 - you need a confidant to talk about your business with
3 - you know what to do, and yet you don’t do it
4 - you are not getting the results you want
5 - you want to save time and money
6 - you find yourself listening only to your own ideas (you're isolated)
7 - you’re feeling stuck, and frustrated by others
8 - you want your company to grow
I recognise some of these issues personally and, at times through my career, I have wrestled with them.
At key times I have had the benefit of working with a business coach, and for me, the advantages were significant.
Of most value was having a confidant who I could talk to about the business and about my concerns. They were there to bounce ideas off and challenge my thinking and help me work out my key goals and actions. All of the good coaches I have met and worked with have excelled in helping me to keep on track and achieve the goals that I have set.
Ultimately, I learned a lot from the coaching experience by seeing my business through another's eyes and drawing on their experience, expertise and judgement.
What about the cost?
Employing a business coach does place an additional expense on the business, but with a good business coach, this can be seen as an investment rather than a cost.
A recent global survey by PriceWaterhouseCoopers and the Association Resource Centre found that the mean Return on Investment in coaching was 7 times the initial investment, and over a quarter of coaching clients reported a stunning ROI of 10 to 49 times the cost.
So, the decision on whether to use a coach or not is a personal one and one which will hinge on the circumstances in which you find yourself and your disposition.
It will work for some, but not all. That said, within the world of sport for example, the first step for every potential high performer is to commission a coach.
I would be really interested to know about your experiences if you have used a business coach (good or bad) or, if not, whether you’ve considered it.